Abu Dhabi healthcare provider Burjeel Holdings' IPO saw significant demand from investors in the UAE and the region, with the total gross demand at over AED 32 billion.
The offering was oversubscribed 29 times, selling more than 550.7 million shares with the price set at AED 2 per ordinary share.
It's equivalent to 11 per cent of Burjeel’s total issued share capital, the company added.
The Offering will result in gross proceeds of AED1.1 billion for the company.
Based on the Final Offer Price, Burjeel’s market capitalisation upon listing on the Abu Dhabi Securities Exchange (ADX) is expected to be approximately AED10.4 billion.
Dr. Shamsheer Vayalil Parambath, Founder and Chairman of Burjeel Holdings, the strong demand for the IPO "reflects the high-quality investment opportunity provided by Burjeel Holdings".
Investors who subscribed via the First Tranche (UAE Retail Offering) will receive an SMS confirmation of their respective allocation on October 8, with refunds due to commence from the same date.
Listing and the commencement of trading in Burjeel Holdings shares on ADX is expected to take place on October 10, under the symbol “BURJEEL” and ISIN “AEE01119B224”.
Upon listing on ADX, VPS Healthcare Holdings PVT LTD will continue to own a majority 70 per cent stake in the company.